20150624-招商证券_香港_-CMS_HK__Research_Highlights_11页_1mb

报告摘要

Dynam Japan Summary

Core Content

Dynam Japan (6889 HK) is a Hong Kong-listed company that stands to benefit from potential changes in Japan's gaming legalization. The company has been in discussions with Japanese lawmakers and is expected to see the gaming bill debated from mid-July to end-August. The current Diet session has been extended until September 27, which increases the likelihood of the bill being passed.

Main Points

Gaming Legalization: The gaming bill is not a top priority for the current Diet session but is still seen as having a higher chance of passing this year. It is being discussed separately from the security bill, which is the primary focus.
Dynam's Strategy: Dynam has a long-term plan to build a resort in Yamaguchi Prefecture, regardless of the gaming bill's outcome. This is part of its strategy to diversify into inbound tourism.
Valuation: Dynam is currently trading at 13.3x FY15 P/E, which is significantly higher than Niraku (1245 HK), another HK-listed gaming operator. This suggests investor optimism about the company's future prospects.

Key Information

Construction Budget: JPY15-20bn for the resort project.
Partnership: Collaboration with the Japan Tourism Bureau (JTB) to promote the resort and attract more tourists.
Market Outlook: The report highlights that the current market slump may present a buying opportunity, and investors should be cautious of potential style changes, favoring the financial sector and blue chips in other industries.
Investment Strategy: The report suggests that the bull market is not over, and that fundamentals will determine the eventual correction.

Research Highlights

Financial Sector: Favorable for investors due to its stability and potential for re-rating.
Blue Chips: Sectors like food & beverage, construction materials, nonferrous metals, and coal are highlighted as good investment options.
New Economy Stocks: The report suggests that the logic for growth remains intact, but time is needed to regain market sentiment.

What to Watch

Economic Data: The report includes key economic indicators from the U.S. and Germany, such as API weekly crude stocks, GDP, and consumer sentiment, which could impact market sentiment.
Market Sentiment: The report emphasizes the importance of monitoring market sentiment, especially with the potential for a shift in investment style.

Research Coverage List

The report provides a comprehensive list of companies across various sectors, including:

Auto & Auto Parts: BAIC Motor, Fuyao Glass
Property: China Resources Land, KWG Property, Country Garden, Agile Property, Greentown China, China Overseas Land, Shimao Property
Metals & Mining: China Hongqiao, Zhaojin Mining, Zijin Mining, Jiangxi Copper, China Molybdenum, RUSAL
Technology, Media & Telecom: China Telecom, China Unicom, China Mobile, Wisdom, Kingdee, Chinasoft, Kingsoft, Boyaa Interactive, SinoMedia, Car Inc
Pharmaceutical & Healthcare: China Medical System, China Biologic Products
Bank: ABC, ICBC, Minsheng, Shengjing Bank, BOC, China Construction Bank, CITIC Bank
Gaming: Wynn Macau, Paradise Ent, Sands China, MGM China, Galaxy Entertainment, Melco Crown, SJM
Environmental Protection: Technovator, CT Environmental, Canvest, Everbright International, BJ Ent Water, Dongjiang Env, Sound Global
Construction: China Rail Cons, CCCC, CMEC, China State Construction, CRG
Lodging & Leisure: Home Inns, China Lodging

Recently Published Reports

Dynam Japan: Published on 2015-06-23 by Angela Han Lee.
Cowell: Published on 2015-06-23 by Alex Ng, Marley Ngan.
Greentown China: Published on 2015-06-23 by John So.
China Biologic Products: Published on 2015-06-23 by Milo Liu, Hayden Zhang.
Global Macro Weekly Digest (Issue 16): Published on 2015-06-22 by Lynn Song, Cliff Zhao, David Xie.
NetDragon: Published on 2015-06-19 by Jeff Hao.
China Lilang: Published on 2015-06-19 by Eugene Mak.
FOMC Meeting: Published on 2015-06-18 by Lynn Song, Cliff Zhao, David Xie.
Xstep International: Published on 2015-06-17 by Eugene Mak.
Sunny Optical: Published on 2015-06-17 by Alex Ng.
KWG Property: Published on 2015-06-17 by John So.
2H15 HK Stock Market Investment Outlook: Published on 2015-06-16 by Cliff Zhao, Zhizhong Chen, Ivy Zhao, Lynn Song.
Haier Electronics: Published on 2015-06-16 by Gloria Wang.
China Banks: Published on 2015-06-15 by Donger Wang, Sean Cheng.
Global Macro Weekly Digest (Issue 15): Published on 2015-06-15 by Lynn Song, Cliff Zhao, David Xie.
Wasion Group: Published on 2015-06-12 by Vivien Chan, Lewis Wong.
China Lodging: Published on 2015-06-12 by Angela Han Lee, Marley Ngan.
China Resources Land: Published on 2015-06-12 by John So.
Sinomax: Published on 2015-06-12 by Eugene Mak.